**[Analysis: Ethena Moves Closer to Protocol Fee Sharing Plan, USDe Supply Reaches Historic High of $12.43 Billion]** BlockBeats reports that on September 2, the supply of USDe saw a significant 42% increase over the past month, reaching a historic high of $12.43 billion. Protocol revenue also hit its highest level since the beginning of the year, surpassing $61 million in August. USDe has firmly secured its position as the third-largest USD stablecoin, trailing only USDT and USDC, while Ethena has become the fifth-largest DeFi protocol by deposit size. The market is currently focused on Ethena's fee conversion plan, as holders of Ethena's ENA governance token will soon have the opportunity to receive a portion of the protocol's profits for the first time. Ethena Labs previously outlined three milestones that must be achieved before the protocol's fee switch can be activated: 1. The circulating supply of USDe must exceed $6 billion. 2. The protocol's cumulative revenue must reach $250 million. 3. USDe tokens must be integrated into four of the top five centralized trading platforms by derivatives trading volume. The first two milestones have already been achieved, leaving only the integration with centralized trading platforms.
--